Office OF THE Comptroller OF THE Currency

Rain has applied for an Office of the Comptroller of the Currency charter for a proposed New York national trust bank focused on digital asset custody, dollar custody, stablecoin reserves, and token issuance and redemptions. The bid comes as crypto firms push for federal trust-bank supervision while community banks challenge the OCC’s authority to approve limited-purpose charters for companies that do not offer traditional banking services.

The Independent Community Bankers of America has sued the Office of the Comptroller of the Currency, accusing the regulator of exceeding its legal authority in granting national trust-bank status to crypto firms. The case intensifies a broader clash over how digital asset companies should enter the U.S. banking and payments system.

The U.S. Federal Reserve has proposed rules to implement key parts of the GENIUS Act, including standards for stablecoin issuers, bank issuance procedures, reserves, and rewards programs. The proposals enter a public comment phase as federal agencies continue building the regulatory framework for U.S. stablecoins.

The Office of the Comptroller of the Currency has granted preliminary conditional approval for World Liberty Trust Co. to operate as a national trust bank. The decision could allow the firm to take over issuance and custody functions tied to World Liberty Financial’s USD1 stablecoin, pending further requirements.

Zerohash, the crypto infrastructure provider behind digital asset services for major financial firms, plans to resubmit its national trust bank application after the OCC returned its initial filing. The company says the move does not affect current operations and expects a narrower application to receive swift review.

Augustus has raised $180 million at a $1 billion valuation as it seeks to modernize clearing infrastructure for banks, fintechs and crypto firms. The company is not issuing its own stablecoin, instead positioning itself as a bridge between traditional payment rails and blockchain networks.

The GENIUS Act has reached its first anniversary with federal regulators still behind on implementing stablecoin rules. Tether’s USDT now faces a critical compliance window that could shape whether it remains available on U.S. crypto platforms.

Mizuho reiterated a neutral view on Circle after the company secured final OCC approval to establish First National Digital Currency Bank. The firm said the milestone is constructive, but it does not resolve concerns around USDC supply trends, competitive pressure and the broader commoditization of stablecoins.

Circle has received final approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust, a federally supervised national trust bank. The move strengthens the USDC issuer’s position in regulated digital asset custody as more crypto firms pursue federal banking approvals.

Coinbase Chief Legal Officer Paul Grewal is departing the exchange after steering its legal team through a major fight with U.S. regulators. He will remain an adviser as Molly Abraham becomes general counsel and Ryan Van Grack moves into a vice chairman role.